Seaboard Finance Co. v. Schaefer

Eagen, J.,

We have before us a petition to open the judgment in the above case entered by virtue of the authority given in a note.

The facts are not in dispute and are briefly as follows. On July 28, 1947, plaintiff, a licensee under the “Small Loans Act” of Pennsylvania extended a loan to defendants in the sum of $300 payable in monthly installments, the final maturity date being 15 months after the date of the loan. The interest specified was 2% percent per month on all sums less than $100 and 2 percent on all sums in excess of $100. The loan was evidenced by a judgment note and secured by a…